Around the World's Markets: Frankfurt

THE BENCHMARK Xetra DAX index ended up a modest 13 points, or 0.25 per cent, at 5,001, after early gains evaporated as concerns that Brazil's financial crisis could spread to other emerging markets such as China returned.

A surge in Volkswagen shares helped the Dax rise by 1 per cent in early trade, as Morgan Stanley upgraded the car-maker to outperform. Software giant SAP was the day's hottest large-cap stock, gaining 5.7 per cent after unveiling a 14 per cent rise in net profit for 1998.